For the first time in years, the price of a home has decreased, giving more and more people the option of owning their first home. There are a few different programs that offer even more savings, such as low to zero down mortgage loans. These various programs give the first time home owner incentive to take advantage of the low cost of buying a home.
A few notable mortgage brokers programs are offered to those who have marginal to fair credit scores and want to buy their first home. These are a couple popular mortgage lenders that offer really good deals for zero or low down payment.
1. One program that is geared towards those wanting to purchase land used for farming. It has a few restrictions such as it is only for targeted rural areas and some income restrictions. The interest rate on this loan is 3.5%. This loan is to increase the land used for farm and agricultural uses.
2. A company called Crown Financial Solutions offers low to moderate income borrowers the chance at owning a home for as little as 3.5% down.
The United States government also has a popular option for first time home owners, known as the FHA. This is targeted towards those with not so good credit to get a loan by just looking at the past few years of payments. There can’t be any bankruptcies over the past two years and credit scores have to be good after the discharge.
Owning a home for the first time is an exciting milestone in most consumers’ lives. There are many programs designed to help, some even zero down mortgage loans. Some of the programs being offered are geared towards those with fair to low credit scores. With home prices getting lower and lower, it is a really good time to take advantage of the deals offered to consumers.